Singapore’s President Tharman Shanmugaratnam highlighted the role of artificial intelligence (AI) in addressing the talent shortage at the Singapore FinTech Festival 2023. With many economies facing labor scarcity, AI is expected to bring widespread disruption to the job market.
President Shanmugaratnam emphasized that developing economies with surplus talent, particularly in areas like business process outsourcing and ICT services, may bear the brunt of the impact. On the other hand, more mature economies like Singapore could potentially benefit from these changes.
The President acknowledged that certain jobs, particularly those involving repetitive tasks that can be easily automated, may be displaced in Singapore too. However, he also mentioned that new AI-related tools could empower other workers or enhance their cognitive skills, adding value to the workforce.
President Shanmugaratnam stressed the importance of collective efforts and social organization to address the challenges posed by AI. As societies navigate this changing landscape, it becomes crucial to adapt and upskill workers to leverage the opportunities presented by AI.
The Singapore FinTech Festival 2023, held from November 15 to 17, showcased the government’s commitment to embracing technological advancements and finding solutions to the talent shortage.
In conclusion, while the rise of AI may disrupt certain industries and job roles, it also presents opportunities for societies facing a labor shortage. President Shanmugaratnam’s remarks shed light on the need for collective action and social organization to ensure a smooth transition in the face of these changes.
References:
– Singapore FinTech Festival 2023
– finews.asia
